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Green NYC Less Vulnerable to High Oil Prices

According to an article in Crains New York Business NYC is less vulnerable to increases in oil prices.

NYC Subway New Yorkers save gas money by taking the city's subways and buses, while local utilities avoid relying on crude oil to power homes.

With oil prices at $100 a barrel, New York City's economy is better positioned than other urban areas, primarily because of its extensive public transportation system.

The majority of New Yorkers other than taxi drivers don't pay for gas. 55% of the city's commuters took public transportation to work in 2006, according to the Census Bureau, while only 29% drove or carpooled.

The money saved by taking the city's subways and buses will translate into more spending at area restaurants, shops and entertainment venues.

Another fact Crains New York Business reported is that New York state's energy consumption per capita comes in as one of the lowest in the country. The state uses about 35 barrels of petroleum to produce $100,000 in gross domestic product each year, while states like Louisiana and Alaska use closer to 200 barrels to generate the same amount.

High oil prices will also help real estate values in NYC and in the metro areas located near commuter railroads such as Metro North and the Long Island Railroad.

Oil prices and Re-urbanization

Higher oil helps cities with transit systems
Life is livable without a car
Spend on lifestyle vs gas and car
Commutation at 2 hours by car is unsustainable
Will urban areas be beneficiaries?
$10 gas: what happens to suburbs?

related blog article: A Greener Greater New York

Posted by Mitchell Hall, Associate Broker, New York, NY on 11/09/2007 12:56 AM

Comments (8)

green, nyc, oil prices, reurbanization

This post has been included in New York Information New York County, NY Information Manhattan, NY Information
Post is included in group: I Love NY

8 Comments on Green NYC Less Vulnerable to High Oil Prices

If nothing else is conveyed by these posts, it is clear that

Mitchell Hall loves New York City.

11/09/2007 07:03 AM

by Lenn Harley Homefinders.com MD & VA Real Estate

Mitchell,

I think that New York really has the public transportation thing down. I lived there in the 60s and 70s with no car. You can hop a subway within a couple of block from wherever you are to a couple of blocks to wherever you're going.

When I moved to DC, they had a gorgeous new system with stops few and far between. The idea was drive or bus to the subway, and when you reached your destination, same thing. It's expensive, not just in terms of multiple fares, but also for parking at the suburban stations. I broke down and bought a car, even though I lived downtown. And of course, we are famous for gridlock. I wonder why?

11/09/2007 08:04 AM

by Patricia Kennedy (Evers & Company)

Lenn, Is it that obvious? lol

Pat, On Sunday's they do track repairs and the trains are off schedule. Most people other than REALTORS® are off on Sunday. The express trains run on local tracks and they skip stations. I was on my way home from showings downtown on Sunday and an older man sitting next to me said: " You know they built this subway system 100 years ago isn't it amazing how they planned for the future"

11/09/2007 08:27 AM

by Mitchell Hall, Associate Broker, New York, NY (Coldwell Banker Previews International)

Mitchell: Now, that is amazing that the subway system is that old. Talk about progressive thinkers.

11/09/2007 07:57 PM

by Donna Yates, Georgia Realtor North Georgia Blue Ridge Real Estate (Mountain Investments of North Georgia)

Mitchell: I have to agree that NYC is much greener than in the rest of NY. In my area we have to drive everywhere, public transportation is not reliable. Now we are feeling it in the pocket book.

11/09/2007 08:46 PM

by Jennifer Fivelsdal, Rhinebeck NY (Keller Williams Realty)

Donna, Yes amazing thanks for stopping by.

Jennifer, The auto industry needs to start making more efficient cars.

11/10/2007 08:04 PM

by Mitchell Hall, Associate Broker, New York, NY (Coldwell Banker Previews International)

I can only hope that NYC will follow the path of the europeans and become a scooter community. With congestion pricing that may be looming around the corner it will be more than just gas prices that New Yorkers will have to worry about.

11/20/2007 10:42 AM

by Paul Macapagal, Associate Broker, NYC (Prudential Douglas Elliman)

Paul, Scooters are cool. They are popular in San Fransisco too. I think the congestion pricing hurts New Yorkers from the outer boroughs and suburbs that drive into Manhattan more than Manhattanites.

11/20/2007 05:02 PM

by Mitchell Hall, Associate Broker, New York, NY (Coldwell Banker Previews International)

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